Rangers' new ballpark to be named Globe Life Field

The Texas Rangers have a new retractable-roof stadium on the way, and it was officially given a familiar name Thursday.

Globe Life Field - the replacement for Globe Life Park, the Rangers' home since 1994 - is scheduled to be ready for the 2020 season. Along with a retractable roof, the new ballpark will include air conditioning.

As part of the naming deal, which has been extended through the 2048 season, Globe Life is donating $10,000 to Sam Houston High School's baseball program, according to Loyd Brumfield of the Dallas Morning News.

Globe Life has had the naming rights for the Rangers' stadium since 2014, after the club severed its relationship with Ameriquest.

The city of Arlington and the Rangers announced the proposal for a new ballpark back in May. The city will pay half of the $1 billion cost, with the club incurring any overages.